Foreclosures drop

Notice of DefaultForeclosure Inventory Falls to 5 year Low

Lender Processing Services (LPS) said today that the national foreclosure pre-sale inventory is at its lowest level since 2008.  
That is no reason to stop going after them. We are still above average. People will always have problems with their houses. Divorces happen; people lose their jobs; and people make bad financial decisions; 

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J.P. Morgan Chase settles with the government

J.P. Morgan Chase settles with the government for mortgage fraud.

JPMorgan Chase has agreed to a $13-billion settlement with the government over selling bad  mortgage investments,

The nation’s largest bank admitted to knowingly peddling the toxic securities that helped lead to the housing bubble and the worst financial meltdown since the Great Depression. The settlement is the largest made by any single American company in history.

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Rich homebuyers can now get mortgages cheaper than pretty much everyone else.

Rich homebuyers can now get mortgages cheaper than pretty much everyone else.

In an unusual twist, lenders are offering rates on jumbo mortgages that are more than a quarter of a percentage point lower than those on the conforming loans backed by Fannie Mae and Freddie Mac. The government-run agencies require conforming loans to be below $417,000, unless they are for homes in high-cost areas like New York or Los Angeles,where the limit is $625,500.

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No IRS penalty for short sale in CA

Looks like things will be good in CA !

IRS will not penalize California families losing homes to short sale

US Senator Barbara Boxer (D-CA) today released a letter she received from the Internal Revenue Service (IRS) clarifying that California families who have lost their homes in a short sale will not be subjected to a tax penalty for debt forgiven after the federal law prohibiting such penalties expires at the end of this year.

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